CALGARY - A court ruling in Minnesota that could further delay Enbridge Inc.’s Line 3 oil pipeline replacement project spells more bad news for Canadian oilfield workers, says the CEO of the Petroleum Services Association of Canada. Investor confidence in Western Canada’s oil industry is at a low ebb and that has resulted in less producer spending on exploration and production, said Gary Mar. ARTICLE CONTINUES BELOWThe state’s Public Utilities Commission last year signed off in what was intended to be the Minnesota Department of Commerce’s final environmental review of the project. Oil companies in Canada have cancelled or delayed spending on oilsands and conventional oil projects and the province of Alberta has imposed production quotas because of wider-than-usual price discounts last fall blamed on crude output exceeding pipeline capacity. PSAC cut its 2019 drilling forecast last month to 5,300 wells, well off the pace of last year when 6,948 were drilled.

Source: thestar June 03, 2019 20:21 UTC